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News Archives » debt relief


The Debt ‘Trial of the Century’ – Vulture Hedge Funds v. Argentina February 26th, 2013

 
US Government Files Brief Supporting Argentina
 
Faith Community to Vigil Outside Court Proceeding on Wednesday
 

On February 27th, two holdout vulture funds, including Paul Singer’s NML Capital, are in a New York Federal court verses Argentina. The Financial Times has dubbed the proceeding the “‘the trial of the century’ in sovereign debt restructuring.” The US Government filed a friend-of-the-court brief noting a ruling against Argentina could make it much harder for countries in financial recovery or countries facing economic stresses to access credit and debt swaps.

The faith community and other groups, organized by Jubilee USA, will vigil out of concern for poor people affected by vulture funds during the proceeding outside the Federal 2nd Circuit Court of Appeals Wednesday, February 27th starting at 1:00 PM in New York City. Vigils will also take place in London and Buenos Aires.

“If these vulture hedge funds win, it will mean they will more aggressively target poor countries in fragile financial recovery. If we win, it will mean that it will be harder for vulture funds to target the monies that develop social infrastructure in many poor countries,” said Eric LeCompte, Jubilee USA Network Executive Director. The US Province of the Missionary Oblates of Mary Immaculate is an organizational member of Jubilee USA, and has supported debt relief work for several decades.

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Canada Holds Up Congo’s Debt Cancellation July 1st, 2010

Congo Street Child

Street Child in Congo DR

The World Bank announced yesterday that it was postponing the Democratic Republic of Congo’s long-awaited debt cancellation, even though the country has qualified. The postponement has come about at the request of Canada, because Canadian mineral firm First Quantum is in dispute with the government of DRC over mineral rights.

The DRC has been waiting for debt relief for 7 years, while the IMF and World Bank have satisfied themselves that the country has met numerous economic conditions. Politics has come into play before – last year the IMF held up DRC’s progress through the debt relief scheme because the country was proposing to take loans from China. Congo and China agreed to reduce the amount and terms of the loans late last year.

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